XRP Soars After Ruling, Overtaking BTC in Trading Volume
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As previously reported, the long-awaited ruling in Ripple’s lawsuit with the U.S. Securities and Exchange Commission (SEC) has finally been delivered, bringing relief and excitement to the crypto world. According to the recent Kaiko report, the SEC has found that Ripple did not violate federal securities laws when selling its XRP token on public exchanges.
This landmark decision has set off a chain reaction in the market, triggering an impressive surge in XRP’s price since Thursday. As the crypto community holds its breath, the implications of this ruling are reshaping the cryptocurrency landscape.
XRP Volume Surges to 21% of Global Crypto Trade
Following the SEC’s ruling, Kaiko reports that XRP has managed to steal the spotlight by accounting for a whopping 21% of the global cryptocurrency trade volume. This remarkable surge has placed XRP ahead of long-standing giants like Bitcoin and Ethereum in trading activity.
The optimism surrounding the ruling has prompted major exchanges, including Coinbase and Kraken, to swiftly relist the previously delisted token, signifying renewed confidence in the future of XRP.
One intriguing aspect highlighted in the Kaiko report is the resilience XRP displayed throughout the lawsuit and de-listings. Despite facing regulatory challenges, the token managed to maintain a strong following offshore.
Meanwhile, Korean exchanges played a pivotal role in driving substantial volumes for XRP during this period. Exchanges like Upbit and Bithumb saw a staggering $476 billion in XRP trades since the lawsuit, underscoring the continued interest and demand for the cryptocurrency from international investors.
XRP Trades at 15-Month Highs with Potential for Further Growth
Presently, XRP is trading at $0.7285 after reaching its highest price level in the past 15 months last Thursday. This upswing in value marks a significant achievement for the token and has captured the attention of traders and enthusiasts alike.
The Kaiko report reveals that XRP’s trading volumes have also reached a 10-month high, reflecting the growing market interest in this digital asset. However, it is worth noting that despite the bullish catalyst, overall global trading activity remains somewhat subdued.
Bullish Catalyst for Altcoin Markets with Caution for Future Lawsuits
The SEC ruling is being viewed as a potential catalyst for the broader altcoin market, signaling a positive outlook for other cryptocurrencies. Although the ruling’s scope is specific to XRP, it may serve as a reference point in future legal battles concerning other digital assets. However, a cautious note lingers, as the SEC still retains the option to appeal the ruling, potentially impacting future regulatory decisions in the crypto space.
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